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Loan Modification

Blown Mortgage

Blowing the lid off the Mortgage Industry
By Morgan Brown

Post Frequency: 12.5/day

Last Entry: April 29, 2010 at 09:23:46

Loan Modification, New Guidelines For California

Posted on February 25, 2010
There is a proposal for new guidelines in the way lenders and servicers deal with borrowers throughout the foreclosure process. These new guidelines are designed to improve communication between lenders and borrowers to improve the rate of troubled borrowers receive a loan modification for their mortgage...

Loan Modifications, What Is The Situation 3 Years After The Housing Bubble Burst

Posted on February 24, 2010
It is hard to believe that three years have gone by since the housing market took a dive drowning with it millions of American homeowners. So what is the situation now? Have we hit rock bottom? Are the Administration?s measures starting to work? Let us start with the good news...

Loan Modifications, How to Avoid Collateral Expenses

Posted on February 23, 2010
Unfortunately nothing is free in this world; even dying costs around $5,000 dollars, for an average funeral in the US. Applying for loan modifications can be pricey also. Sadly the procedure that could save you from foreclosing on your home and even bankruptcy is also rather expensive, which scares many homeowners off, pushing them further into debt when sometimes they qualify for a loan modification...

Short Sales as Loan Modification Alternatives, Can They Work

Posted on February 22, 2010
If loan modifications are not an option and you want to avoid foreclosure or bankruptcy a short sale of your home might be a good option. The key when you are undergoing a bad financial situation is like with every emergency and try to think clearly without letting raw emotions take over...

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Deed In Lieu of Foreclosure, The Last Resort Loan Modification

Posted on February 19, 2010
If you do not qualify for a loan modification, and foreclosure seems unavoidable, there are steps you can take to make the most of a bad situation. One of these options is arranging with your lender for a Deed in Lieu of Foreclosure. What does this mean? It means you hand over the deed, or ownership, of your house to the lender in exchange of clearing your debt...

Foreclosure or Bankruptcy, What to Do When Loan Modifications Don?t Work

Posted on February 17, 2010
Although there are many steps a homeowner can take to avoid losing their home and qualify for a loan modification, loan refinance or other financial rescue procedure, the sad reality is that many homeowners will lose their home. If you are struggling with your payments and trying to get a loan modification you need to accept the possibility that you may lose your home...

Loan Modifications and Forensic Loan Audits, Speak Softly with a Big Stick

Posted on February 16, 2010
Negotiating a Loan Modification with your lender is not an easy task. We invariably feel we are at a disadvantage when dealing with a large corporation or wealthy investor. However, you might have more tools at your disposal than you think. This article looks into the power of forensic loan audits and how they can be used to create extra leverage for our loan modification application, or as the title states: to speak softly with a big stick...

Loan Modifications and Forensic Loan Audits, Speak Softly with a Big Stick

Loan Modifications, How to Write an Effective Hardship Letter

Posted on February 15, 2010
Hardship letters are like any type of tale, they must be clear, they must be simple, and must drive your argument like a B52 in a battlefield ? powerfully. Unfortunately, many loan modifications get thrown in the wrong stack simply because homeowners fail to explain their situation effectively...

Loan Modification Applications, What Are Lenders Looking For?

Posted on February 15, 2010
Loan modifications are often presented to us as a murky, obscure and scary financial world of shadows where normal people like you and me should not even dare to tread without the faithful advice of an expert, or preferably two, for fear of being swallowed up by an ARM, or something worse, hiding behind the bushes...

What Is A Loan Modification? The Three Keys To Loan Modification Success

Posted on February 11, 2010
This seems a rather basic question to be asking in a website dedicated to commenting on blown mortgages and how to pick up the pieces. However, it is sometimes useful to sit back and ask ourselves the basics again to reassess our understanding and check we are still on the same page...

Loan Modification Horror Stories, What Are The Lessons?

Posted on February 08, 2010
HAMP?s loan modification program seems to be finally speeding up its conversion rate from trial loan modifications to converted modifications. However, the 4 million troubled homeowners targeted by the program are not even close to receiving the help they need...

How To Spot A Loan Modification Scam Before You Are A Victim Of It.

Posted on February 06, 2010
The media has been rife with horror stories of scam artists preying on one of the most vulnerable sectors of our population, troubled homeowners and their families. However, many homeowners just haven?t got the message so we shall revise a few of the signs that can help us spot a loan modification scammer...

Forensic Loan Auditing: How To Get Leverage On Your Loan Modification

Posted on February 04, 2010
Forensic Loan Auditing is a fancy way of describing a thorough revision of the documents you signed when applying for your loan. This includes the accuracy of the math in the interest rates and payments schedule, the legality of the terms of the loan and any proof that you were misled in some way...

Loan Modifications Are Going To Be Simpler, What Do You Need Now?

Posted on February 03, 2010
HAMP, the Government?s Loan Modification Program is changing their tune about the paperwork required to apply for a loan modification. Homeowners applying for a loan modification must now include their paperwork before even entering the trial stage. Previously troubled homeowners could apply for a loan modification trial by simply providing proof of income over the phone...

HAMP Loan Modifications and ?In-house? Modifications, What Is The Difference?

Posted on January 31, 2010
A loan modification is a loan modification, right? If it helps you avoid a foreclosure on your home it is good news, right? Not necessarily. It is a little more complicated than all that. HAMP is a Government sponsored loan modification program. This might not give you much peace of mind but the truth is that mortgagees that are part of this program must follow certain requirements in order to receive the incentives the Government offers for loss mitigation actions, another name for loan modifications...

How To Walk Away From A Mortgage When A Loan Modification Doesn?t Help

Posted on January 29, 2010
The million dollar question millions of Americans are asking themselves is ?should I walk away from my underwater mortgage? The situation is so dire that according to Moody?s Economy.com 17.4 million homes will be underwater by the end of 2010. That is worth reading again: By the end of 2010 17...

Loan Modifications Are They Worth It ? An Overview In Simple English

Posted on January 28, 2010
Loan Modifications do seem to have finally got moving. Trial loan modifications are heading towards their first million, there has been over a 100,000 completed loan modifications and even Bank of America, the sleeping giant of loan modifications has hit the 200,000 trial modifications line...

Loan Modifications, Loss Mitigation Incentives and Other Greedy Games

Posted on January 28, 2010
Have you ever heard about having your cake and eating it? That?s what many mortgage providers are trying to do with loan modifications. How so? As it is well known the Government offers lenders incentives for processing loss mitigation actions. Loss mitigation action is code for loan modifications...

Do Loan Modifications Make Things Worse By Increasing Principal Balance

Posted on January 27, 2010
The debate in the last months has centered on how the Government and lenders were not doing enough to get troubled borrowers into a loan modification. However, a recent report might indicate that this has actually a good thing for borrowers! A report released last week by the State Foreclosure Prevention Working Group disclosed that about 72 percent of the loan modifications carried out in October ended up owing more...

Loan Modifications Latest Figures, Limbo, Trial Purgatory And Other Horror Stories

Posted on January 22, 2010
Last Friday Treasury revealed the latest data on HAMP, the Administration?s major foreclosure prevention program. The data has been sold as evidence of the significant progress made from pressuring mortgage servicers. Are loan modifications finally becoming the solution for the mortgage crisis as the Government has always claimed? Let?s have a look at the figures...

Loan Modification Vs Refinancing, What Is The Best Option For You

Posted on January 22, 2010
Loan Modifications and Home Refinancing are been talked about so much they are becoming the most used financial buzzwords by homeowners nationwide. This doesn?t mean people understand the differences or the financial consequences of either of them. This article seeks to look into the pros and cons of Loan Modification and Mortgage Refinancing and to provide clear guidance to when it is best to modify your existing mortgage or to refinance it altogether...

Loan Modifications Are Not Working, We Need A Plan B

Posted on January 20, 2010
That is what John Taylor, chief executive of the National Community Reinvestment Coalition feels anyway. Mr Taylor?s organization represents local organizations that are working towards affordable housing and community development. John Talyor like most Americans, including the millions facing foreclosure, and the 700,000+ that are on a loan modification trial and have not been granted a permanent loan modification, is not happy with the performance of the government?s loan modification program HAMP...

New VA Loan GFE Rules

Posted on January 19, 2010
The VA has recently offered some insight into how lenders should disclose loan origination fees in relation to the industry?s new Good Faith Estimate. Lenders and prospective military homebuyers alike should probably stop and take notice: Starting May 1, all VA loan applications must adhere to these new disclosure procedures...

Loan Modifications Double, Treasury And The Obama Administration Optimistic

Posted on January 18, 2010
Loan Modifications under the HAMP program started slowly, and continued to plod along, now they are still providing completion rates that are unsatisfactory, if you want to word it nicely. Pathetic, would probably be a better description. However, the Obama Administration has worked hard to put pressure on the banks and servicers that manage home mortgages and have the purse strings on loan modifications...

Top 5 Steps to Avoid Foreclosure without Falling Into a Loan Modification Scam

Posted on January 18, 2010
The sad reality is that an estimated 4 million households will lose their home to a foreclosure this year. Of course most of them will not go without a fight and will try to reduce their monthly payments with a loan modification. Unfortunately loan modifications are not easy to come by and only a small percentage of troubled borrowers get a loan modification trial and an even smaller percentage get a permanent loan mod...

Commercial Loan Modification Companies: How To Choose A Good Loan Modification Company

Posted on January 14, 2010
Picking Commercial Loan Modification Companies is a little bit like choosing a watermelon; it is not easy to know if it?s going to be a good one until you crack it open. Unfortunately the economic recession has forced many businesses, large and small, into bankruptcy and this has left many apartments, houses and offices vacant...

Loan Modifications With Principal Cuts Attract Lenders Attention

Posted on January 13, 2010
Loan Modification consultants have being saying it for a long time; the best loan modifications are those that reduce the balance of the loan. This might seem obvious; of course borrowers are going to prefer loan modifications that reduce the amount they owe...

Loan Modification Foreclosure Prevention Companies Looking For Affiliate Sale Representatives

Posted on January 11, 2010
Loan Modifications are big business. People are willing to pay large sums of money to modify their mortgages to monthly payments they can afford. Many companies are willing to supply financial knowhow and procedures to smooth the process towards a loan modification...

Loan Modifications and Credit Scores the Dirty Truth

Posted on January 08, 2010
Do loan modifications affect your credit score? Should they? Why should you care? Credit scores are a numerical value credit bureaus place on a borrower as a way of measuring their reliability. It is in the interest of lenders to report any delinquent activity to the credit bureau...

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